MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
C. MAHENDRA
EXPORTS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
Suite 2909,
29th Floor, Jewelry
Trade Centre, 919/370 Silom
Road, Silom, Bangrak, Bangkok 10500,
Thailand |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
18.05.1998 |
|
|
|
|
Com. Reg. No.: |
0105541029863 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is
engaged in importing
and distributing various
kinds of cut
diamonds and polished
diamonds for jewelry
trading and productions |
|
|
|
|
No. of Employees |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated
|
Source
: CIA |
Company name and address
C.
MAHENDRA EXPORTS [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE
2909, 29th FLOOR,
JEWELRY TRADE CENTRE,
919/370 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-3020-1
FAX
:
[66] 2630-3019
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541029863
TAX
ID NO. : 3011934135
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PARAG DINESH SHAH,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 18,
1998 as a
private limited company
under the initially registered
name “A. Collection
Company Limited”, by
Thai and Indian
groups, with the business
objective to import
and distribute various kinds
of diamonds for
jewelry industry. On
February 13, 2001,
its registered name
was changed to C.
MAHENDRA EXPORTS [THAILAND]
CO., LTD. It
currently employs 2
staff.
The
subject is also
an associated company
of C. Mahendra Exports
Ltd., in India.
The
subject’s registered address
is Suite 2909, 29th Floor,
Jewelry Trade Centre,
919/370 Silom Road,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Parag Dinesh Shah |
|
Indian |
42 |
|
Mr. Tejkaran Keshrichan Dugar |
|
Indian |
34 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Parag Dinesh Shah
is the Managing
Director.
He is Indian
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
cut diamonds and
polished diamonds for
jewelry trading and
productions.
PURCHASE
100% of the
products is imported
from India.
MAJOR
SUPPLIER
C. Mahendra
Exports Ltd. :
India
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
The
banker’s name was
not disclosed
EMPLOYMENT
The
subject currently employs
staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime
commercial area.
COMMENT
The
subject is an
importer and distributor
of diamonds for
local trading and jewelry
productions. Its operating
performance in 2012 was
slow with decreasing
in both sales
revenue and net profit
comparing to the previous
year.
Due to a
current economic sluggish
and political turmoil,
the subject would
encounter
a
slow business this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on November 30,
1998
Bht. 6,000,000
on February 6,
2008
On
August 18, 2009,
the registered capital
was decreased to
Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Wuthipong Khantiphan Nationality: Thai Address : 40/1471
Tiwanont Road, T. Thasai, A. Muang, Nonthaburi
|
20,400 |
51.00 |
|
Mr. Parag Dinesh Shah Nationality: Indian Address : 919/370
Silom Road, Silom,
Bangrak,
Bangkok |
14,800 |
37.00 |
|
Mr. Tejkaran Keshrichan Dugar Nationality: Indian Address : 919/370
Silom Road, Silom,
Bangrak,
Bangkok |
4,800 |
12.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
20,400 |
51.00 |
|
Foreign-Indian |
2 |
19,600 |
49.00 |
|
Total |
3 |
40,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Surin Ruengpetch No.
3741
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,789,038.94 |
173,767.30 |
289,477.93 |
|
Trade Accounts Receivable |
31,521,429.72 |
37,101,766.86 |
31,772,105.57 |
|
Inventories |
35,919,835.72 |
43,315,165.93 |
23,360,535.80 |
|
Revenue Department Receivable |
875.06 |
875.06 |
- |
|
Prepaid Income Tax |
94,185.00 |
- |
- |
|
Prepaid Insurance |
25,812.79 |
25,812.79 |
25,812.79 |
|
|
|
|
|
|
Total Current Assets
|
70,351,177.23 |
80,617,387.94 |
55,447,932.09 |
|
|
|
|
|
|
Fixed Assets |
76,281.42 |
273,723.29 |
471,158.16 |
|
Insurance |
6,000.00 |
6,000.00 |
6,000.00 |
|
Total Assets |
70,433,458.65 |
80,897,111.23 |
55,925,090.25 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable |
62,261,527.25 |
71,852,868.17 |
47,150,313.90 |
|
Other Payable |
25,338.16 |
135,634.60 |
358,964.17 |
|
|
|
|
|
|
Total Current Liabilities |
62,286,865.41 |
71,988,502.77 |
47,509,278.07 |
|
Total Liabilities |
62,286,865.41 |
71,988,502.77 |
47,509,278.07 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning Unappropriated |
4,146,593.24 |
4,908,608.46 |
4,415,812.18 |
|
Total Shareholders' Equity |
8,146,593.24 |
8,908,608.46 |
8,415,812.18 |
|
Total Liabilities &
Shareholders' Equity |
70,433,458.65 |
80,897,111.23 |
55,925,090.25 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
35,135,183.99 |
80,647,724.68 |
90,472,201.73 |
|
Other Income |
181,777.04 |
1,299,115.83 |
1,429,997.61 |
|
Total Revenues |
35,316,961.03 |
81,946,840.51 |
91,902,199.34 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
33,298,451.56 |
77,742,684.61 |
87,550,961.33 |
|
Selling and Administrative Expenses |
2,780,524.69 |
3,503,344.29 |
3,000,753.90 |
|
Total Expenses |
36,078,976.25 |
81,246,028.90 |
90,551,715.23 |
|
Profit /[Loss] before Financial
Cost & Income Tax |
[762,015.22] |
700,811.61 |
1,350,484.11 |
|
Financial Cost |
- |
- |
[4.90] |
|
Profit /[Loss] before Income
Tax |
[762,015.22] |
700,811.61 |
1,350,479.21 |
|
Income Tax |
- |
[208,015.33] |
[229,893.67] |
|
Net Profit / [Loss] |
[762,015.22] |
492,796.28 |
1,120,585.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.12 |
1.17 |
|
QUICK RATIO |
TIMES |
0.55 |
0.52 |
0.67 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
460.60 |
294.63 |
192.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.50 |
1.00 |
1.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
393.73 |
203.36 |
97.39 |
|
INVENTORY TURNOVER |
TIMES |
0.93 |
1.79 |
3.75 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
327.46 |
167.92 |
128.18 |
|
RECEIVABLES TURNOVER |
TIMES |
1.11 |
2.17 |
2.85 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
682.48 |
337.35 |
196.57 |
|
CASH CONVERSION CYCLE |
DAYS |
38.72 |
33.93 |
29.00 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.77 |
96.40 |
96.77 |
|
SELLING & ADMINISTRATION |
% |
7.93 |
4.35 |
3.32 |
|
INTEREST |
% |
- |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
5.74 |
5.21 |
4.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.17) |
0.87 |
1.49 |
|
NET PROFIT MARGIN |
% |
(2.17) |
0.61 |
1.24 |
|
RETURN ON EQUITY |
% |
(9.35) |
5.53 |
13.32 |
|
RETURN ON ASSET |
% |
(1.08) |
0.61 |
2.00 |
|
EARNING PER SHARE |
BAHT |
(19.05) |
12.32 |
28.01 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.89 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.65 |
8.08 |
5.65 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
275,609.00 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(56.43) |
(10.86) |
|
|
OPERATING PROFIT |
% |
(208.73) |
(48.11) |
|
|
NET PROFIT |
% |
(254.63) |
(56.02) |
|
|
FIXED ASSETS |
% |
(72.13) |
(41.90) |
|
|
TOTAL ASSETS |
% |
(12.93) |
44.65 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -56.43%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.74 |
Impressive |
Industrial
Average |
0.61 |
|
Net Profit Margin |
(2.17) |
Deteriorated |
Industrial
Average |
0.03 |
|
Return on Assets |
(1.08) |
Deteriorated |
Industrial
Average |
0.89 |
|
Return on Equity |
(9.35) |
Deteriorated |
Industrial
Average |
4.08 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 5.74%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -2.17%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -1.08%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -9.35%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.13 |
Satisfactory |
Industrial
Average |
1.32 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
38.72 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.13 times in 2012, increased from 1.12 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.55 times in 2012,
increased from 0.52 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 39 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.77 |
|
Debt to Equity Ratio |
7.65 |
Risky |
Industrial
Average |
3.43 |
|
Times Interest Earned |
- |
|
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.88 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
460.60 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.50 |
Deteriorated |
Industrial
Average |
34.63 |
|
Inventory Conversion Period |
393.73 |
|
|
|
|
Inventory Turnover |
0.93 |
Deteriorated |
Industrial
Average |
89.31 |
|
Receivables Conversion Period |
327.46 |
|
|
|
|
Receivables Turnover |
1.11 |
Deteriorated |
Industrial
Average |
44.32 |
|
Payables Conversion Period |
682.48 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.11 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current inventory.
Inventory is particularly sensitive to change in business activities. The
inventory turnover in days has increased from 203 days at the end of 2011 to
394 days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 1.79 times in year 2011 to 0.93 times in year 2012.
The company's Total Asset Turnover is calculated as 0.5 times and 1
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.